Adobe Revenue Beats - Guides Down
March 24, 2022
Adobe
reported financial results for its first quarter fiscal year 2022
ended March 4, 2022.
The firm gave weak guidance. Revenue is seen by Adobe to be about $4.34 billion in the fiscal second quarter. Wall Street was looking for Q2 revenue of $4.4 billion. Adobe guided it's Q2 profit at about $3.30 a share. But, the consensus Q2 profit was set at $3.35 a share.
The war in Ukraine will shave Adobe's revenue by $75 million in the fiscal year. Adobe has stopped all new product sales in Russia and Belarus.
“Adobe
achieved record Q1 revenue as Creative Cloud, Document Cloud and
Experience Cloud continue to be pivotal in driving the digital
economy,” said Shantanu Narayen, chairman and CEO, Adobe. “Adobe is
committed to empowering individuals, transforming businesses and
connecting communities.”
“Adobe’s Q1 results reflect the company’s strong execution and
resilience through unprecedented circumstances,” said Dan Durn,
executive vice president and CFO, Adobe. “Our momentum, product
innovation and immense market opportunity position us for success in
2022 and beyond.”
